G. Alves, A. M. Maciel, Jorge Cavalcanti Barbosa Fonseca, Erika Carlos Medeiros, Patricia Cristina Moser, Rômulo César Dias De Andrade, Fernando Ferreira De Carvalho, Fernando Pontual de Souza Leão Junior, Marco A. O. Domingues
{"title":"Unlocking Retail Success: Empowering Decision-Making with Advanced Sales Forecast Models","authors":"G. Alves, A. M. Maciel, Jorge Cavalcanti Barbosa Fonseca, Erika Carlos Medeiros, Patricia Cristina Moser, Rômulo César Dias De Andrade, Fernando Ferreira De Carvalho, Fernando Pontual de Souza Leão Junior, Marco A. O. Domingues","doi":"10.14738/abr.126.17093","DOIUrl":null,"url":null,"abstract":"The gross revenue indicator contributes to the understanding of the company’s situation, and generating sales revenue forecasts is a strategy that helps the manager in directing the business. This work aims to develop a set of Machine Learning (ML) models to forecast sales in physical retail. Methodology – To carry out this work, a methodology was proposed to create, compare and evaluate ML models. Findings – When analyzing the forecast scenarios, it was observed that Hourly forecasts performed better than Day forecasts. We highlight the LIGHTGBM model, which presented the best scores in the F1-score metric with 82.95%, 79.26% and 76.53% scenario representing one hour, two hours and three hours ahead, respectively. Value – It is expected that the forecast models will help managers to find insights to support the operational decisions of physical retail contributing to carry out actions to optimize companies’ processes.","PeriodicalId":72277,"journal":{"name":"Archives of business research","volume":"61 14","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Archives of business research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.14738/abr.126.17093","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
The gross revenue indicator contributes to the understanding of the company’s situation, and generating sales revenue forecasts is a strategy that helps the manager in directing the business. This work aims to develop a set of Machine Learning (ML) models to forecast sales in physical retail. Methodology – To carry out this work, a methodology was proposed to create, compare and evaluate ML models. Findings – When analyzing the forecast scenarios, it was observed that Hourly forecasts performed better than Day forecasts. We highlight the LIGHTGBM model, which presented the best scores in the F1-score metric with 82.95%, 79.26% and 76.53% scenario representing one hour, two hours and three hours ahead, respectively. Value – It is expected that the forecast models will help managers to find insights to support the operational decisions of physical retail contributing to carry out actions to optimize companies’ processes.